U.S. Rough Diamond Traders Clear Stocks As May Exports Double
July 15, 08 by Edahn Golan
The U.S. imported $87.96 million worth of rough diamonds in May, a 16.4 percent year-over-year growth and doubled (109.4%) its exports to $45.56 million, resulting in a net import value of $42.4 million of goods. The average value of gross imports was a high $2,283 per carat, while exported goods averaged only $388 p/c.
Imports of 38,522 carats were an 84.2 percent drop in the volume of gross imports. Exports of rough diamonds stood at 117,301 carats, an 18.7 percent decline compared to May 2007, yet almost triple the volume of imports.
It seems that U.S. rough traders are taking advantage of continued high prices of lower cost rough and clearing their stocks. Surprisingly, these goods are heading first and foremost to Israel and Belgium. Exports of $18.4 million in rough diamonds to Israel averaged $419 p/c, and shipments of $10.8 million to Belgium averaged just $177 p/c.
Many of the high-value goods that did not remain in the U.S. were sent to South Africa, probably for polishing. These goods averaged $8,155 p/c. for a total of $10.6 million.
